1 September 2016
Freddie Mac today released its Multi-Indicator Market Index® (MiMi®), showing South Carolina and two additional metro areas — Atlanta and Augusta, Georgia — entering their historic benchmark levels of housing activity.
The national MiMi value stands at 85, largely unchanged from last month, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity, with a +0.08 percent improvement from May to June and a three-month improvement of +1.37 percent. On a year-over-year basis, the national MiMi value improved +5.76 percent. Since its all-time low in October 2010, the national MiMi has rebounded 42 percent, but remains significantly off from its high of 121.7.
Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:
“Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50th consecutive month of year-over-year increases. Low mortgage rates and consistent job gains are helping to bolster homebuyer demand, which is reflected in the MiMi purchase applications indicator. Purchase applications, as measured by MiMi, rose 1.75 percent month over month in June to the highest level since December 2007.”
MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.
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